Feds Dump Petro Can Shares

The federal government is selling its remaining 19 per cent stake in Petro-Canada - a move that will generate more than $3 billion for the federal treasury.

The government owns 49.4 million Petro-Canada shares. At Thursday's closing price of $61.65 per share, the federal stake was worth just over $3.04 billion. It would be the biggest single stock sale ever in Canada.

Petro-Canada (TSX:PCA)was established in 1975 as a federal Crown Corporation. Ottawa subsequently sold off much its interest in the company, but held on to almost a fifth of the company.

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